Buying a new home can be a daunting process, especially if you’re a first time homebuyer. When you’re preparing to buy a home, the key is to stay organized, keep an open mind and have some talent on your team.

There are plenty of ways to make the process of smooth, seamless and stress-free.

Here in Chicago, homes are selling faster than ever this year. In May alone, condos were on the market an average of 52 days, which is the lowest since 2007. That makes it more important than ever to do your research and always stay one step ahead of the game.

Work with a REALTOR

This might seem intuitive, but a good broker truly is invaluable. It’s important in this market, because brokers can get you early access to properties as soon as (or sometimes even before) they hit the open market.

They can leverage their relationships with other brokers to advocate for you as the perfect buyer. Their knowledge of the market, a neighborhood, or building association can save you from a costly mistake and help guide you to the perfect home.

A good broker can also save you time: pictures can be deceiving, but a broker who has already been inside many of the homes in your area can help you choose properties to view in person.

Have your financial house in order before you begin

One of the easiest things you can do to prepare to buy a home is to get organized, beginning with your finances. With homes selling quickly, work with a loan officer to be pre-approved before you begin looking at homes.

Student loans or credit card debt could affect your loan amount, and you don’t want to overextend yourself. A good rule of thumb is to make sure that your total monthly payment does not exceed 33% of your monthly income.

Finally, keep in mind other costs come with home ownership and have room in your budget for repairs, furnishings, rising assessment or tax increases.

Follow the 90 / 10 rule

It’s rare that a home has 100% of your wish list. Be willing to make some compromises but do make sure that you don’t skimp on the things you really want or the things that will affect the resale of your home. Size, location, walkability, school district, parking and laundry always seem to make the list.

It’s also important to keep in mind that needs change and you should look to the future when finalizing your decision.

Be prepared to be in multiple offer situation

Depending on the property, you may find yourself competing with other buyers for the same property.

Sometimes just paying the most for a property does not mean your offer will be accepted, so work with your broker to make your offer stand out.

Your broker can strategize with you on other terms of the contract, such as closing date or other contingencies, to make your offer more appealing.

This post originally appeared on @properties blog. Post courtesy of Rick Sobin, Managing Broker and vice president of brokerage services at @properties.

The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index. [Read more…]

In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal. [Read more…]

We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. Two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house. [Read more…]

According to a recent report by Trulia, “buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%.” The report may have some people thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective? [Read more…]

Maureen Moran

All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.

All data is deemed reliable but is not guaranteed accurate by the MLS, @properties, or Maureen Moran. See Terms of Service for additional restrictions.

The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.

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Doing business as Maureen Moran, Realtor, I recognize that you expect privacy and security when it comes to information that personally identifies you and allows you to be individually contacted ('Personal Information'). I have adopted the following online privacy policy because I understand the need to safeguard the information you may be providing to us at our web site.

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When you provide me with Personal Information through my various forms, I may use that information to occasionally notify you about important functionality changes to our web site. I may need to know your name, e-mail address, mailing address and telephone numbers so I can be sure to get in touch with you when and how you ask me to. Your information will not be shared or sold to any person or entity.

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Cookies are small pieces of information that are stored by your browser on your computer hard drive. My cookies allow me to welcome you back to my site and provide you with your personalized home searches. Most web browsers automatically accept cookies, but you can change your browser to prevent cookies from being placed on your computer without your consent. You can still use my regular home search feature and every other function on my site even though your computer will not accept cookies. Cookies, by themselves, cannot be used to discover your identity and I do not know your identity unless you tell us.

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My web site contains links to and from other web sites and may be in the form of display advertising. I cannot guarantee that web sites other than ChicagoDreamHome.com will respect and protect your Personal Information in the same manner that I do. I urge you to go to and read the Privacy Statements of other web sites when you visit them for your own protection. I am also not responsible for the content of web sites other than ChicagoDreamHome.com.

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When you provide me with Personal Information, you consent to the collection and use of this information by me for providing services necessary to complete your transaction. If I decide to change my privacy policy, I will post changes on this page so that you are always aware of what information I collect, how we use it, and under what circumstances I disclose it.

Doing business as Maureen Moran, Realtor, I recognize that you expect privacy and security when it comes to information that personally identifies you and allows you to be individually contacted ('Personal Information'). I have adopted the following online privacy policy because I understand the need to safeguard the information you may be providing to us at our web site.

Online Forms

When you provide me with Personal Information through my various forms, I may use that information to occasionally notify you about important functionality changes to our web site. I may need to know your name, e-mail address, mailing address and telephone numbers so I can be sure to get in touch with you when and how you ask me to. Your information will not be shared or sold to any person or entity.

About Our Cookies

Cookies are small pieces of information that are stored by your browser on your computer hard drive. My cookies allow me to welcome you back to my site and provide you with your personalized home searches. Most web browsers automatically accept cookies, but you can change your browser to prevent cookies from being placed on your computer without your consent. You can still use my regular home search feature and every other function on my site even though your computer will not accept cookies. Cookies, by themselves, cannot be used to discover your identity and I do not know your identity unless you tell us.

Links to other web sites

My web site contains links to and from other web sites and may be in the form of display advertising. I cannot guarantee that web sites other than ChicagoDreamHome.com will respect and protect your Personal Information in the same manner that I do. I urge you to go to and read the Privacy Statements of other web sites when you visit them for your own protection. I am also not responsible for the content of web sites other than ChicagoDreamHome.com.

Your consent

When you provide me with Personal Information, you consent to the collection and use of this information by me for providing services necessary to complete your transaction. If I decide to change my privacy policy, I will post changes on this page so that you are always aware of what information I collect, how we use it, and under what circumstances I disclose it.